Latvia - Consumer price index (2010 = 100)

The value for Consumer price index (2010 = 100) in Latvia was 120.95 as of 2021. As the graph below shows, over the past 30 years this indicator reached a maximum value of 120.95 in 2021 and a minimum value of 1.13 in 1991.

Definition: Consumer price index reflects changes in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. The Laspeyres formula is generally used. Data are period averages.

Source: International Monetary Fund, International Financial Statistics and data files.

See also:

Year Value
1991 1.13
1992 11.88
1993 24.84
1994 33.76
1995 42.19
1996 49.62
1997 53.81
1998 56.31
1999 57.64
2000 59.17
2001 60.64
2002 61.82
2003 63.64
2004 67.58
2005 72.14
2006 76.86
2007 84.61
2008 97.65
2009 101.10
2010 100.00
2011 104.37
2012 106.73
2013 106.70
2014 107.36
2015 107.54
2016 107.70
2017 110.85
2018 113.66
2019 116.86
2020 117.11
2021 120.95

Development Relevance: A general and continuing increase in an economy’s price level is called inflation. The increase in the average prices of goods and services in the economy should be distinguished from a change in the relative prices of individual goods and services. Generally accompanying an overall increase in the price level is a change in the structure of relative prices, but it is only the average increase, not the relative price changes, that constitutes inflation. A commonly used measure of inflation is the consumer price index, which measures the prices of a representative basket of goods and services purchased by a typical household. The consumer price index is usually calculated on the basis of periodic surveys of consumer prices. Other price indices are derived implicitly from indexes of current and constant price series.

Limitations and Exceptions: Consumer price indexes should be interpreted with caution. The definition of a household, the basket of goods, and the geographic (urban or rural) and income group coverage of consumer price surveys can vary widely by country. In addition, weights are derived from household expenditure surveys, which, for budgetary reasons, tend to be conducted infrequently in developing countries, impairing comparability over time. Although useful for measuring consumer price inflation within a country, consumer price indexes are of less value in comparing countries.

Statistical Concept and Methodology: Consumer price indexes are constructed explicitly, using surveys of the cost of a defined basket of consumer goods and services.

Base Period: 2010

Periodicity: Annual

Classification

Topic: Financial Sector Indicators

Sub-Topic: Exchange rates & prices